iAnthus Capital Holdings Inc. (OTCMKTS: ITHUF) stock look set to climb higher after the company reported impressive fourth quarter financial results. A 615% increase in revenue in the quarter underscores the rate at which the company is growing.

After falling from highs of $5.08 to the $2.3 handle, the stock has bounced back in what appears to be a continuation of the long-term uptrend. The stock needs to rise and close above the $3.80 handle, to reaffirm confidence about the continuation of the uptrend. On the downside, the stock faces immediate support at the $3 handle, below which it could drop to the $2.40 mark.

IAnthus Capital owns and operates best in class licensed cannabis cultivation, and dispensary facilities in the U.S. The company also seeks to provide investors with exposure to the U.S regulated cannabis industry.

Recent Developments

Stellar fourth quarter financial results is the latest catalyst sending shares of iAnthus Capital up the chart. The company generated revenues of $2.4 million in the quarter, representing a 615% increase. Net loss in the quarter came in at (-$13.7 million. IAnthus Capital attributes the growth to a rise in costs because of expansion into additional states.

Invested capital in the quarter totaled $23.7 million bringing the total capital invested to date at $98.7 million. During the quarter, the company closed a C$12 million short-form prospectus offering.

“The past year has brought major developments for iAnthus, including acquisitions in the major east coast markets of Florida and New York , the continued build-out of a world-class operations team led by Carlos Perea (Chief Operating Officer), and the establishment of iAnthus as one of the U.S. cannabis industry’s most well-known and well-funded companies,”said CEO, Hadley Ford.

Pilgrim Rock Acquisition

Separately, iAnthus Capital has completed the acquisition of the remaining 20% stake in Pilgrim Rock. The acquisition will provide the company with access to Mayflower an affiliate of Pilgrim Rock that has received provisional licenses to registered marijuana dispensaries in Massachusetts.

According to Randy Maslow, president of iAnthus, focus now shifts towards positioning Mayflower as a leading cultivator, processor, and operator of dispensary operator in Massachusetts. The subsidiary has a 36,000 cultivation facility in Holliston that is fully operational.

In addition, iAnthus wholly owned subsidiary, Grow Healthy Holdings has commenced delivery of cannabis products to patients in Florida. The company has also signed a lease for a dispensary in Orlando Florida.